The 2014 North Alabama Annual Conference adopted an answer calling regarding the Alabama State Legislature to “pass appropriate legislation to control those activities of predatory lenders.” The quality noted вЂњprotection associated with the bad and disadvantaged is a principle that is central ofвЂќ and вЂњthe Bible forbids usury in a large number of passages.вЂќ
In 2003, Alabama Legislature passed legislation which carved down a appropriate loophole that enables predatory lending to occur in Alabama. It permits lenders to charge as much as 456 per cent interest (ARP).
Numerous churches, non-profits, community leaders, metropolitan areas and company teams have actually accompanied the North Alabama Conference in expressing concern concerning the usury associated with the loan that is payday and its particular effect in Alabama. Teams are supporting significant reform of Alabama’s laws and regulations managing lending that is predatory.
On Tuesday, February 19, from 7 p.m. to 8 p.m., you will see a roundtable forum regarding the abusive payday lending techniques in Alabama at Canterbury United Methodist Church in Canterbury Hall.
Birmingham region churches, including Canterbury United Methodist, St. Luke’s Episcopal Church, Southside Baptist and First Presbyterian Church are hosting the big event. Regional nonprofits may also be giving support to the forum like the YWCA, Zonta Club of Birmingham in addition to Alabama Payday Lending Advisory Committee. Continue reading